The present invention provides for a variable stride exercise device having a variable size close curved striding path during use. The exercise device described and depicted herein utilizes various configurations of linkage assemblies, cam members, and other components, connected with a frame to allow a user to dynamically vary his stride path during exercise. An exercise device conforming to aspects of the present invention provides a foot path that adapts to the change in stride length rather than forcing the user into a fixed size path. Some embodiments of the exercise device include a lockout device that selectively eliminates the variable stride features of the exercise device and allows the user to exercise in a stepping motion. Other aspects of the present invention relate to a releasable connection mechanism that can be used to selectively and/or automatically limit or eliminate the variable stride feature of an exercise device.