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1. an arm and a leg, a great deal of money: to cost an arm and a leg. 2. arm in arm, with arms linked together or intertwined: They walked along arm in arm. 3. at arm's length, on terms lacking in intimacy; at a distance: to keep business associates at arm's length. 4. in the arms of Morpheus, asleep.5. put the arm on, Slang. a. to solicit or borrow money from.. arm in arm, with arms linked together or intertwined: They walked along arm in arm. 3. at arm's length, on terms lacking in intimacy; at a distance: to keep business associates at arm's length. 4. in the arms of Morpheus, asleep. 5. put the arm on, Slang.
A transaction in which the buyers and sellers of a product act independently and have no relationship to each other. The concept of an arm's length transaction is to ensure that both parties in the deal are acting in their own self interest and are not subject to any pressure or duress from the other party. Next Up.