Regardless of the everlasting debate whether the nature of the international system is anarchic or cooperative, ‘security dilemma’ remains a well-known and oft-cited concept. Intimately connected to it is the phenomenon of the arms race, which continues to play a significant role in global affairs and in determining relationships among countries. The first part of the article follows a dynamic model which reproduces the behaviour of the Cold War bipolar arms race. In order to gain further insights both into the problem and into the method used, this model is then further expanded into a multipolar, forward-looking one.