A Prone Fly Exercise Apparatus comprising a hinged base portion, two inclinable arms containing parallel track means hingedly attached to the base, two handgrips that are each slidably mounted on the parallel tracks and connected to adjustable tension cords, a means for raising the parallel track containing arms to provide an incline, and a means for adjusting the tension cords. For the first exercise, the adjustable tension cords are placed between each edge of the apparatus and each handgrip. For the second exercise, the adjustable tension cords are placed between the handgrips, attaching the handgrips to each other. The apparatus is compactly foldable and easily stored.