A compound archery bow includes a handle having projecting limbs. A first pulley is mounted for rotation around a first axis on a first of the limbs, and a second pulley is mounted for rotation around a second axis on a second of the limbs. A bow cable arrangement extends between the pulleys, and includes a bowstring cable extending from bowstring let-out grooves in the first and second pulleys so that, as the bowstring cable is drawn away from the handle, the bowstring cable lets out or unwraps from the bowstring grooves and rotates the pulleys around the respective axes. First and second cables extend from cable take-up grooves on the respective pulleys to first and second cable let-out means on the respective opposite pulleys. Thus, as the bowstring cable is drawn away from the handle, the first and second cables are each taken up or wound at one end onto one of the pulleys and let out or unwound at the other end from the other pulley.