Abstract: An exercise bicycle for exercising the arms and the legs or for exercising the arms independently of the legs is provided wherein a pedal shaft supporting pedal cranks for transmitting motion of the legs is transmitted to an intermediate shaft through a one-way clutch. The intermediate shaft, handle bars and a flywheel are connected to one another. Further, a load applying device is provided as a braking structure which makes use of eddy currents of magnets so as to minimize an initial resistance at the start of exercise and to increase the braking load as the rotational speed of the wheel increases.