Evolutionary conflict between the sexes is predicted to lead to sexual arms races in which male adaptations for acquiring mates ("offense" traits) are met by female counteradaptations--for example, to reduce mating rate ("defense" traits). Such coevolutionary chases may be perpetual. However, we show here that the coevolutionary process may also lead to a stable state in which multiple offense-defense trait pairs are maintained. This type of polymorphism below the species level is a result of sexual conflict in combination with nonrandom mating. Our results show that if nonrandom mating occurs with respect to male and female conflict traits, genetic correlations will act to stabilize the trait frequencies so that all morphs are maintained. We discuss the results in special relation to the evolution of female polymorphism in diving beetles and argue that the process we describe may be a general force that maintains polymorphism in other taxa as well.