An exercise dumbbell includes a handle member and weight plates maintained in spaced relationship at opposite ends thereof. Weight selectors are movable into and out of engagement with different combinations of the weight plates to secure a desired amount of mass to the handle. The weight selectors are routed through the hand grip portion of the handle member, and are accessible via upwardly opening slots in the weight plates. Different latching arrangements may be used to releasably latch the weight selectors in desired locations relative to the weight plates.