An exercise device with a true pivot point includes a plurality of arms that are joined at a joint assembly. A first arm is fixed in relation to the joint assembly and is also stabilized by a base member at an end opposite the joint assembly. In one embodiment, the base member is a foot pedal and in another embodiment the base member is a frame that includes a seat for the user. A second arm (or in some cases a pair of arms) rotates about an axis of rotation which is defined by the joint assembly. A resistance mechanism is contained in the joint assembly which includes a one-way clutch interconnected with the second arm to allow the second arm to rotate freely in a first direction. Rotation by the second arm in direction opposite the first, however, engages the resistance mechanism to create a user-selected resistance to rotation.