Hyperconverged Infrastructures (HCIs) combine processing and storage elements to meet the requirements of data-intensive applications in performance, scalability, and quality of service. As an emerging paradigm, HCI should couple with a variety of traditional performance improvement approaches such as I/O caching in virtualized platforms. Contemporary I/O caching schemes are optimized for traditional single-node storage architectures and suffer from two major shortcomings for multi-node architectures: a) imbalanced cache space requirement and b) imbalanced I/O traffic and load. This makes existing schemes inefficient in distributing cache resources over an array of separate physical nodes. In this paper, we propose an Efficient and Load Balanced I/O Cache Architecture (ELICA), managing the solid-state drive (SSD) cache resources across HCI nodes to enhance I/O performance. ELICA dynamically reconfigures and distributes the SSD cache resources throughout the array of HCI nodes and also balances the network traffic and I/O cache load by dynamic reallocation of cache resources. To maximize the performance, we further present an optimization problem defined by Integer Linear Programming to efficiently distribute cache resources and balance the network traffic and I/O cache relocations. Our experimental results on a real platform show that ELICA improves quality of service in terms of average and worst-case latency in HCIs by 3.1× and 23%, respectively, compared to the state-of-the-art.