Exercise apparatus includes a pair of L-shaped frame members that are joined by a central pivot, a concave arm engaging member attached to each of the frame members, and a spring mechanism holding the frame members pivoted in an extended condition. Exercises are performed by moving the frame members together and apart while holding each forearm in one of the concave members, with a forward-extending leg of each L-shaped member being held as a handgrip. The apparatus may also be converted for use in leg exercises.