The action movie icon has been a good friend of the wrestling legend for over 40 years, and he'll be at the annual event in Madison Square Garden next month to recognise the achievements of a man he grew up admiring.
Arnold, 65, said in a press release: "It is an honour to induct The Living Legend Bruno Sammartino into the WWE [World Wrestling Entertainment] Hall of Fame.
"It will be a historic night as he headlines Madison Square Garden again."
The 77-year-old former grappler also seemed pleased by the news which he described as humbling.
He added: "I am humbled that Arnold Schwarzenegger will be inducting me into the WWE Hall of Fame.
"The kindness and support that Arnold has shown me over the years is truly overwhelming."
Earlier this month, the 'Last Stand' star was in Ohio when his friend was also inducted into the International Sports Hall of Fame.
Bruno's most recognised accomplishment in WWE was holding their World Championship across two reigns for 11 years (4040 days) in total.
He also holds the record for the single longest reign with the belt which lasted over seven years.
This year's WWE Hall of Fame ceremony takes place in New York on April 6, the night before Wrestlemania XXIX.
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