Reunited and it feels so good!
"Here with my old friend Caitlyn here," Arnie told the camera as he grinned alongside his former athletic peer.
"[She's] very good friend, wonderful person. We're having a great time schmoozing," he said before Caitlyn added her two cents.
"Yes. [we go] way back, I'm talking over 40 years," the reality star marveled.
From the early to mid-'70s, Caitlyn, then Bruce Jenner, was working his way through winning performances in the decathlon in the Olympics and Pan American games.
Arnold was training as a bodybuilder at the same time, earning the "Mr. Olympia" title year after year (he ultimately snagged the bodybuilding honor seven times) and beginning his career as an actor.
Since moving on from sports, Caitlyn and Arnold have found themselves in a few similar situations, from going public with personal secrets to splitting from their longtime partners to joining the world of reality TV.
While there have been some growing pains, even Caitlyn's ex-wife, Kris, has accepted the new situation, telling Ellen DeGeneres earlier this week that she wants Caitlyn "to be happy" and "comfortable."
Arnold's big personal revelation was more divisive for his family: Maria Shriver left him in 2011 after learning he had fathered a secret son with the couple's housekeeper.
Arnold and Maria, who were married for 25 years before the split, appear to have reconciled to a degree, and were spotted dining together with their daughter on the actor's 68th birthday last year.
As for their reality TV careers, Caitlyn recently branched out from "Keeping Up With the Kardashians" courtesy of "I Am Cait," which tells the story of her new life as a woman.
Arnie, meanwhile, was announced as Donald Trump's replacement on "Celebrity Apprentice," which going forward will take place in California instead of New York, with a focus on tech and other regionally relevant industries.
"Wow. I'm blown away and honored by all your tweets," the Terminator tweeted after NBC announced his new gig. "I can't wait to bring my experience to the board room & raise millions for charity."