Though it wasn't defined during the Convention's debates, we can assume it includes more than personal weapons: the amendment's purpose was to prevent the militia from being rendered ineffective -- disarmed -- before a standing army. Their ineffectiveness is just as certain if, while not fully disarmed, they are prevented from bearing arms of equal calibre to those of their (potential) opponent.
The supreme court has implied in the short shotgun decision which I cannot cite right now(I wish I could find it) that "arms" is what the military uses.