  Given a real arrangement $A$, the complement $M(A)$ of the complexification
of $A$ admits an action of $\mathbb{Z}_2$ by complex conjugation. We define the
equivariant Orlik-Solomon algebra of $A$ to be the $\mathbb{Z}_2$-equivariant
cohomology ring of $M(A)$ with coefficients in $\mathbb{Z}_2$. We give a
combinatorial presentation of this ring, and interpret it as a deformation of
the ordinary Orlik-Solomon algebra into the Varchenko-Gel'fand ring of locally
constant $\mattbb{Z}_2$-valued functions on the complement $C(A)$ of $A$ in
$\mathbb{R}^n$. We also show that the $\mathbb{Z}_2$-equivariant homotopy type
of $M(A)$ is determined by the oriented matroid of $A$. As an application, we
give two examples of pairs of arrangements $A$ and $A'$ such that $M(A)$ and
$M(A')$ have the same nonequivariant homotopy type, but are distinguished by
the equivariant Orlik-Solomon algebra.
