We present a new geometric interpretation of equivariant cohomology in which one replaces a smooth, complex $G$-variety $X$ by its associated arc space $J_{\infty} X$, with its induced $G$-action. This not only allows us to obtain geometric classes in equivariant cohomology of arbitrarily high degree, but also provides more flexibility for equivariantly deforming classes and geometrically interpreting multiplication in the equivariant cohomology ring. Under appropriate hypotheses, we obtain explicit bijections between $\mathbb{Z}$-bases for the equivariant cohomology rings of smooth varieties related by an equivariant, proper birational map. We also show that self-intersection classes can be represented as classes of contact loci, under certain restrictions on singularities of subvarieties. We give several applications. Motivated by the relation between self-intersection and contact loci, we define higher-order equivariant multiplicities, generalizing the equivariant multiplicities of Brion and Rossmann; these are shown to be local singularity invariants, and computed in some cases. We also present geometric $\mathbb{Z}$-bases for the equivariant cohomology rings of a smooth toric variety (with respect to the dense torus) and a partial flag variety (with respect to the general linear group).

35 pages; v2 contains new material introducing generalized equivariant multiplicities