"It's great to be back in acting. My experiences as a governor has added a little bit to my acting ability so it's good to be back," he said at the film's UK premiere in London.
Schwarzenegger was thrilled that crowds gathered for the red carpet event despite the freezing temperatures.
"It's always nice when you see so many people in the freezing cold. People stay out here for hours and hours. That's how dedicated my fans are and I love them," he said.
His co-star Jaimie Alexander braved the cold in a sleeveless cream jewelled Marc Bouwer dress with plunging neckline and Nicholas Kirkwood snakeskin heels.
She relished the opportunity to work with Schwarzenegger.
"I grew up loving his movies, which I used to watch with my brothers. So when I knew he was going to be a part of this, I thought, 'I have to do this'," she said.
Johnny Knoxville, best known for his comedic turns in the Jackass series and films, said: "It was very surreal. I was pinching myself all the way through."
The Last Stand opens on Friday.