The 70-year-old former governor of California appeared on The Graham Norton Show, where he admitted that he and Sylvester Stallone started out as great "film rivals" before becoming "fantastic friends".
"We were rivals in the movies, but we took the rivalry to the extreme," the "Terminator" star explained on the show.
"Every one of us had to have the best body, we had to kill more people in our movies, and we had to have the biggest guns," Schwarzenegger continued.
"It got out of hand and we tried to derail each other," he added.
"Then when we both invested in Planet Hollywood, we started flying around the world together to promote it and became fantastic friends."
Both Stallone and Schwarzenegger found fame and fortune in Hollywood in the 1970s, with Schwarzenegger bursting onto the scene in 1970 with Hercules in New York and Stallone rising to fame in 1976 with the Oscar-winning " "Rocky".
In addition to their Planet Hollywood partnership, the action hero pair ended up starring in the same films, including 2013's Escape Plan and the Expendables franchise.
Both Schwarzenegger and Stallone are also the subject of Netflix documentaries this year, with Arnold out in June and Sly premiering next month. /BGNES