The actors, who starred in "The Expendables" movies, cracked jokes with one another in a hilarious Instagram video posted to Stallone's account.
Captioned, "Men that refuse to grow up. Actually why bother??? We're having fun! Grow old UNgracfullly!!!!!! (sic)" the clip featured the three pals in what appeared to be a back garden setting.
"My hand looks better than your face," Stallone told "The Terminator" actor as he covered the phone screen, before adding, "I want my face covered!"
Enjoying a cigar, Schwarzenegger replied, "Sly thinks his hand looks better than my face? Look at how handsome I am. Look at Dolph! Look at this beauty here! He cannot stand it to have so many beautiful guys around him!"
As Swedish star Lundgren laughed in the background, his "Rocky IV" co-star Stallone added, "We are aging so well... like a couple of saddles in the desert."