The object is to provide a power converter which is capable of minimizing an extent to which the power converter components other than the semiconductor module are thermally affected by the heat originating from the semiconductor module. The semiconductor modules constituting a main circuit for power conversion; a capacitor electrically connected to the main circuit; drive circuits that provide the main circuit with a drive signal used in power conversion operation; a control circuit that provides the drive circuit with a control signal used to prompt the drive circuit to provide the drive signal. Within a casing, a cooling chamber including a coolant passage is formed, and a chamber wall of the cooling chamber is formed with a thermally conductive material. At least the semiconductor modules are housed inside the cooling chamber, and at least the capacitor and the control circuit are disposed outside the cooling chamber.