A compound bow draw weight adjuster permitting the draw weight to be adjusted with the bowstring at full draw. A toggle arm is pivotally mounted to the bow's riser. A limb deflector is positioned on the riser at the loading end segment of each limb. Each limb deflector has a cam cap spaced from the loading end segment of the limb, a cam interposed between the cam cap and the loading end segment, a fastener extending through the cam cap and through the loading end segment of the limb and anchored in the riser and a cam extension lever fixed to the cam for rotating the cam. A first cam link is connected between the toggle arm and a first one of the cam extension levers for rotating its cam. A second cam link is connected between the toggle arm and a second one of the cam extension levers for rotating its cam.