Finance Committee chairman Billow Kerrow said some cases were already being handled by the Director of Public Prosecutions.
Nairobi, Bungoma and Vihiga are some of the counties being investigated following complaints by residents.
In Bungoma, there are claims of the county leasing equipment and the money being deposited in a private account.
The lawmakers said court injunctions were frustrating efforts to speed up some cases been submitted to the Senate.
In one of the petitions, Mr Richard Mutinda accuses Nairobi Governor Evans Kidero of failing to bank revenue collected since 2013.
Mr Mutinda wants the Senate to order a special audit to establish the status of the money.
Mr Julius Obuga of Vihiga County accused Governor Moses Akaranga of misusing and diverting money to a private account.
He said the devolved unit failed to explain how Sh1.6 billion meant for development in the 2014/5 financial year was utilised.
Mr Obuga added that the county government redirected Sh100 million emergency fund to other projects.
“Some officials have opened bank accounts into which money received from hire of equipment and other revenue is deposited,” the petition reads.
Mr Obuga said the county government has been flouting procurement laws, resulting in loss of funds.
The lawmakers said they had a duty as custodians of county interests to investigate and ensure governors who misappropriated funds meant for development were held to account.