A squat exercise apparatus includes a support structure, a plurality of weight members, at least one lift arm, and an actuator. The plurality of weight members is positioned in the support structure. The at least one lift arm has a first end coupled to the support structure and a second end arranged for contact by a user to move the at least one arm vertically during a squat exercise. The actuator assembly is operable by the user to selectively couple the at least one lift arm to at least one of the weight members during the squat exercise. A portion of the actuator assembly is carried by the at least one lift arm.