The posters, appearing at three places in the city, also draw a parallel between self-styled godman Asaram and AAP and alleged graft by "anti-national AAP" in distributing party tickets.
"Savdhan India...AAP Mission 2014...Stop Modi to get 272 plus... Unstable government of India," reads one of the posters bearing Kejriwal's caricature.
"Policy and intentions of AAP are both corrupt...Kejriwal ji used to say that we have come to change the politics, but today he himself is changed," another poster claimed.
Gujarat unit AAP convenor Sukhdev Patel has alleged involvement of "big" political parties in putting up such posters.
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"This is the pre-calculated agenda of big political parties who want to gather votes by increasing frenzy among the masses," Patel claimed.
He said police and Election Commission should have taken action against similar anti-AAP posters appearing in the city last month.
When asked if putting up posters was the handiwork of AAP dissidents, Patel said, "Nobody is dissident in AAP...They must be those persons who do not have guts to ask for votes in the name of development".
While two posters have surfaced in Ahmedabad (West) constituency, another in Gandhinagar constituency.