The actor, 22, has reportedly been spending time with model Abby Champion over the past few months.
Over the weekend, the pair were snapped taking a casual afternoon stroll around Venice, California, as they shared an iced drink.
Champion donned an oversized white hoodie with a pair of shorts, while Schwarzenegger kept his look equally casual in a pair of jeans and a black printed T-shirt.
On Friday, Champion posted a photo with Schwarzenegger to her Instagram.
While she captioned the image with just a few emojis, the two cozied up to each other, with Schwarzenegger wrapping his arm snugly around her waist.
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This marks the first photo either Champion or Schwarzenegger has posted of themselves together on social media.
Back in September, the pair were spotted together in West Hollywood at the popular celebrity hotspot the Nice Guy. Later that month, they were also seen running errands around Los Angeles.
Schwarzenegger was famously linked to Miley Cyrus in 2015, but the two split after five months of dating.