The pair ran into each other at an event on Wednesday night and reminisced about their 40 year friendship with an adorable Snapchat.
"Here with my old friend Caitlyn," Schwarzenegger, 68, said as he smiled cheek to cheek with the former Olympian.
"[We go] way back. I'm talking 40 years," Jenner, 66, responded.
"The Olympic champion, very good friend, wonderful person. We're having a great time schmoozing," The Celebrity Apprentice host added.
During the '70s the pair was known as world class athletes.
The I Am Cait star, known as Bruce Jenner at the time, took home a gold medal in the decathlon at the 1976 Olympic games, while Schwarzenegger was at his bodybuilding peak, taking home Mr. Olympia.
While Jenner preps for the return of I Am Cait on March 6, Schwarzenegger has been busy filming the new season of The Celebrity Apprentice. The action star took over as host after Donald Trump was fired by NBC.
To see which A-list celebrity will be joining him in the boardroom as one of his advisors, watch the video below.