There is provided a power conversion apparatus including: a first power supply terminal and a second power supply terminal which are paired with each other; a third power supply terminal and a fourth power supply terminal which are paired with each other; 1st to nth switches sequentially connected between the first power supply terminal and the fourth power supply terminal; 1st to nth rectifier devices sequentially connected between the first power supply terminal and the third power supply terminal; and each of 1st to (n−1)th capacitors which is physically disposed and electrically connected between an Nth terminal between an Nth switch and a (N+1)th switch, and an Nth terminal between an Nth rectifier device and a (N+1)th rectifier device, in which the 1st to nth switches are disposed to be physically aligned with the 1st to nth rectifier devices, respectively.