Men shaving their legs, arms, chest and other limbs:
It is permitted for men to remove with a scissor the hair of any of the other limbs of the body [excluding the areas mentioned above which are the Peiyos, beard, pubic hair and armpit hair that are forbidden to be removed].
Razor and razor like scissor shave: One may shave the other limbs, using a scissor, to even a razor like shave. It is however forbidden for a man to shave any area of his body using an actual razor.
 Michaber 182/1
 Shach 182/3; Taz 182/2; Beir Hagoleh 182; Misgeres Hashulchan 171/1; See Tzemach Tzedek Y.D. 93
 Shach 182/3; Taz 181/4 and 182/1; Beis Yosef in name of Rabbeinu Yona
The reason: As this makes the man appear like a woman, even if it involves only the arms. [Taz 181/4]
Other opinions: Some Poskim rule it is permitted for a man to shave the limbs of his body even using a razor. [Tur, brought in Taz ibid and Hagahos Hataz]