The 21-year-old academy product broke into the first team in 2018 and has since made 128 appearances and scored six goals for his club.
During the 2020/21 season Collins started every league game for the Grecians and scored four goals.
Exeter manager Matt Taylor told the club website: “We’re absolutely delighted. It’s the hardest part of my job, keeping hold of our young players, which is a great reflection on our academy.
“You don’t get many 21-year-old who have played as many games as he has, and his performances continue to go from strength to strength.
“He’s captained the club and will always have a leadership role, but as always it’s about what’s next for him – we’re expecting a big season from Archie.”