The Robot Arm is a thrill ride introduced in Rollercoaster Tycoon 3's expansion pack Wild!
It is the same ride used on the robotic coasters.
In Real Life
It is based off the RoboCoaster manufactured by KUKA and RoboCoaster Ltd. The most notable example is at Legoland California Resort. The ride itself is named Knight's Tournament and was the first of it's kind to be built.