It seems that many people want to quote the lexicon and be on there way, however in this case the lexicon does not tell the whole story.
While the lexicon clearly indicates that the word Arsenokoites came to mean sodomy, it is not at all clear that this is what Paul meant it to mean. Unfortunately, this word has no established context prior to Paul's use of the word and it appears for the first time in the texts in 1 Corinthians 6:9-11 and 1 Timothy 1:8-11. As such, we do not know if this word was co-opted or corrupted from its origional meaning.
In fact, what is surprising is what we do not find in the text. Were Paul to use one of the many existing terms to describe homosexual activity, we would expect to see the use of arrenomanes; dihetaristriai; eromenos, erastes or paiderasste; or lakkoproktoi.
Instead, Paul chooses to coin a new word. This is presumably because the word is either a slang term that was en vogue and had not yet been recorded in academic texts (which is not unexpected - you wouldn't turn in an English paper which uses "legit", "jelly", "selfie", or "adorbs" for example) or there was no existing vocabulary to properly capture Paul's intent (or perhaps both situations.)
Due to the above, many have attempted to deconstruct Arsenokoites (a compound word) and define it's parts and then act as if this implicitly and obviously has a prima facie meaning. While the word does break down into parts with aseno- meaning "men" and -koites being the root of the English word coitus which implies (in both Greek and English) that a bed was shared in a sexual manner, the idea that this instantly reveals Arsenokoites to convey a meaning of only sodomy does not stand up to scrutiny.
Take for example the English word "understand". This word does not mean to stand under something.
What may help to elucidate the meaning of Arsenokoites is the use of μαλακός (Malakos) shortly before the condemnation of αρσενοκοίτης (Arsenokoites) in the sin list in 1 Corinthians 6:9-11. This word technically means "effeminate" and older translations will use this word, but more modern translations will translate malakos as "Male Prostitutes." and malakos has a sense of the victim being younger, weaker, and/or dominated in the relationship.
If this is an accurate rendering of Malakos and Arsenokoites and Malakos are related, then it may be that Arsenokoites refers to the aggressor in the Arsenokoites/Malakos relationship. In other words, this would render the reading of 1 Corinthians 6:9-11 as:
Or do you not know that the unrighteous will not inherit the kingdom of God? Do not be deceived; neither fornicators, nor idolaters, nor adulterers, nor gigolos, nor pimps, nor thieves, nor the covetous, nor drunkards, nor revilers, nor swindlers, will inherit the kingdom of God. Such were some of you; but you were washed, but you were sanctified, but you were justified in the name of the Lord Jesus Christ and in the Spirit of our God.
This would be consistent with the practice of pederasty in Paul's time which is not to be confused with pedophilia. In Pederasty, while there was an age difference between the partners, it was not significant and it was always with a boy who was regarded as a consenting adult. The difference is that by modern standards, the age of consent is much higher. While the relationship might be lecherous, it is not pedophilia.
Furthermore pederasty was often interrelated with the apprenticeship system in Rome. During the time of Paul, this had devolved into full blown prostitution in many instances. It may be that Arsenokoites/Malakos relationship founded on money was in contrast to the erastes\eromenos relationship founded on love.
I have also toyed with the idea that this would also be somewhat consistent with the tone of the sin list Paul gives in which we move from more moral sins, to more economic sins. This makes Arsenokoites the center-point for both being immoral and causing economic injustices. The only contraindicators here are that we have covetous, drunkards, and revilers between thieves and swindlers, though perhaps these have more economic implications in the original Greek. If any readers have more information on this or arguments as to why these class of people would represent economic sins, I would welcome comments or edits along these lines.
This is also consistent with 1 Timothy 1:8-11 in which the Arsenokoite appears next to kidnappers. It is not as if Pimps and prostitution do not have a long history of sex trafficking.
As such, there are some very strong indicators that this text deals not with homosexuality, but instead male prostitution. Many will say that tradition and the Weslyan Quadrilateral (ie, the wisdom of historical scholarship) dictate that we regard this to mean prostitution, but the exegetes who came before us did not have the benefit of the vast information and search-ability internet and it is not as if the church does not have a history of discrimination. Furthermore John Boswell makes a pretty strong case that the church (and historical religious academia) did not, in fact, condemn homosexuality.
What is clear is that if the texts of Corinthians and 1 Timothy are your sole basis for condemnation of homosexuality, you stand on a weak foundation, are forgetting the temperance, curtailment and context that Paul provided immediately after the text 1 Corinthians 6:11:
Such were some of you; but you were washed, but you were sanctified, but you were justified in the name of the Lord Jesus Christ and in the Spirit of our God.
Because Paul is saying here and elsewhere in the texts that whomever his readers are, there is forgiveness from condemnation and the reader's sin through Jesus.