A toy locking mechanism, a toy releasing mechanism, and action figure toys that include the same. The toy locking mechanism may include first and second members having at least one corresponding pair of first and second locking elements forming nip regions. The locking mechanism may also include a third member having an end portion adapted to be retained in a nip region when the second member is in a locked position. A fourth member may be adapted to bias the second member toward the locked position. A fifth member may be adapted to be moved by a user relative to the first and second members, and may be adapted to contact the second member during movement to urge the second member toward an unlocked position. Some embodiments include a releasing mechanism adapted to urge the end portion of a third member away from an associated nip region.