[proofplan]
Assume that such a theory $T$ exists. We enlarge the language by a new constant symbol $c$ and add the infinite family of sentences saying that $c$ is positive and smaller than every positive integer reciprocal. Every finite part of this enlarged theory is satisfiable in the standard ordered real field by interpreting $c$ as a sufficiently small positive real number. Compactness then gives a model of the whole enlarged theory, whose reduct satisfies $T$ but contains a positive infinitesimal, contradicting the assumed Archimedeanness of all models of $T$.
[/proofplan]
[step:Assume an elementary axiomatization and add a constant for an infinitesimal]
Let
\begin{align*}
\mathcal{L}_{\mathrm{or}} = \{0,1,+,-,\cdot,<\}
\end{align*}
be the language of ordered rings. Throughout the proof, let $\mathbb{N}$ denote the set of positive integers. Suppose, toward a contradiction, that there exists a first-order $\mathcal{L}_{\mathrm{or}}$-theory $T$ such that an $\mathcal{L}_{\mathrm{or}}$-structure $M$ satisfies $T$ exactly when $M$ is an Archimedean real closed field.
Let $\mathcal{L}_c := \mathcal{L}_{\mathrm{or}} \cup \{c\}$, where $c$ is a new constant symbol. For each $n \in \mathbb{N}$, define the $\mathcal{L}_c$-sentence $\varphi_n$ by
\begin{align*}
\varphi_n \;:\;\; 0 < c \;\wedge\; n \cdot c < 1,
\end{align*}
where $n \cdot c$ denotes the term
\begin{align*}
\underbrace{c + \cdots + c}_{n \text{ summands}}.
\end{align*}
Define the $\mathcal{L}_c$-theory
\begin{align*}
\Sigma := T \cup \{\varphi_n : n \in \mathbb{N}\}.
\end{align*}
[guided]
We argue by contradiction. The assumed theory $T$ is a set of first-order sentences in the ordered-ring language
\begin{align*}
\mathcal{L}_{\mathrm{or}} = \{0,1,+,-,\cdot,<\}.
\end{align*}
Throughout the proof, $\mathbb{N}$ denotes the set of positive integers. The assumption says that $T$ recognizes exactly the Archimedean real closed fields: for every $\mathcal{L}_{\mathrm{or}}$-structure $M$, the relation $M \models T$ holds precisely when $M$ is an Archimedean real closed field.
To force a contradiction, we try to build a model of $T$ that contains a positive infinitesimal. First-order logic cannot quantify over all natural numbers inside a single external scheme, so we introduce one sentence for each positive integer. Let $\mathcal{L}_c := \mathcal{L}_{\mathrm{or}} \cup \{c\}$, where $c$ is a new constant symbol. For each $n \in \mathbb{N}$, define the sentence
\begin{align*}
\varphi_n \;:\;\; 0 < c \;\wedge\; n \cdot c < 1,
\end{align*}
where $n \cdot c$ is the ordered-ring term obtained by adding $c$ to itself $n$ times:
\begin{align*}
n \cdot c = \underbrace{c + \cdots + c}_{n \text{ summands}}.
\end{align*}
Thus $\varphi_n$ says that the element named by $c$ is positive and smaller than $1/n$ in the ordered-field sense. We then set
\begin{align*}
\Sigma := T \cup \{\varphi_n : n \in \mathbb{N}\}.
\end{align*}
A model of $\Sigma$ would be a model of $T$ together with an element smaller than every positive rational reciprocal.
[/guided]
[/step]
[step:Show every finite subset of the infinitesimal theory is satisfiable in the real field]
Let $\Sigma_0 \subset \Sigma$ be a finite subset. Since $\Sigma_0$ contains only finitely many sentences of the form $\varphi_n$, there exists $N \in \mathbb{N}$ such that every $\varphi_n \in \Sigma_0$ has $n \leq N$.
Let $\mathbb{R}_{\mathrm{or}}$ denote the standard ordered real field as an $\mathcal{L}_{\mathrm{or}}$-structure. Since $\mathbb{R}_{\mathrm{or}}$ is an Archimedean real closed field, the defining property of $T$ gives
\begin{align*}
\mathbb{R}_{\mathrm{or}} \models T.
\end{align*}
Expand $\mathbb{R}_{\mathrm{or}}$ to an $\mathcal{L}_c$-structure $\mathbb{R}_{c}$ by interpreting $c$ as the real number
\begin{align*}
c^{\mathbb{R}_c} := \frac{1}{N+1}.
\end{align*}
For each $n \leq N$,
\begin{align*}
0 < \frac{1}{N+1}
\end{align*}
and
\begin{align*}
n \cdot \frac{1}{N+1} \leq N \cdot \frac{1}{N+1} < 1.
\end{align*}
Hence $\mathbb{R}_c \models \varphi_n$ for every $\varphi_n \in \Sigma_0$. The sentences in $T \cap \Sigma_0$ do not mention $c$, so they remain true in the expansion $\mathbb{R}_c$. Therefore
\begin{align*}
\mathbb{R}_c \models \Sigma_0.
\end{align*}
Thus every finite subset of $\Sigma$ is satisfiable.
[guided]
Fix a finite subset $\Sigma_0 \subset \Sigma$. The set $\Sigma_0$ may contain finitely many sentences from $T$ and finitely many of the special sentences $\varphi_n$. Because only finitely many $\varphi_n$ occur, there is an integer $N \in \mathbb{N}$ such that whenever $\varphi_n \in \Sigma_0$, we have $n \leq N$.
Let $\mathbb{R}_{\mathrm{or}}$ be the standard ordered real field, viewed as an $\mathcal{L}_{\mathrm{or}}$-structure. The real field is Archimedean and real closed, so the assumed defining property of $T$ gives
\begin{align*}
\mathbb{R}_{\mathrm{or}} \models T.
\end{align*}
We now expand this structure to the larger language $\mathcal{L}_c$ by choosing an interpretation for the new constant symbol. Define $\mathbb{R}_c$ to be the $\mathcal{L}_c$-structure whose $\mathcal{L}_{\mathrm{or}}$-reduct is $\mathbb{R}_{\mathrm{or}}$ and in which
\begin{align*}
c^{\mathbb{R}_c} := \frac{1}{N+1}.
\end{align*}
This choice is positive. Also, for every $n \leq N$,
\begin{align*}
n \cdot c^{\mathbb{R}_c}
=
n \cdot \frac{1}{N+1}
\leq
N \cdot \frac{1}{N+1}
<
1.
\end{align*}
Therefore $\mathbb{R}_c \models \varphi_n$ for each infinitesimal sentence $\varphi_n$ that appears in $\Sigma_0$.
The other sentences in $\Sigma_0$ belong to $T$. They are written in the original language $\mathcal{L}_{\mathrm{or}}$ and do not mention the new constant symbol $c$. Expanding a structure by interpreting an additional symbol does not change the truth of sentences in the old language. Hence all sentences in $T \cap \Sigma_0$ remain true in $\mathbb{R}_c$. Combining the two parts gives
\begin{align*}
\mathbb{R}_c \models \Sigma_0.
\end{align*}
So every finite subset of $\Sigma$ has a model.
[/guided]
[/step]
[step:Apply compactness to obtain a model with a positive infinitesimal]
By the [First-Order Compactness Theorem](/theorems/???), since every finite subset of $\Sigma$ is satisfiable, the whole theory $\Sigma$ is satisfiable. Let $M_c$ be an $\mathcal{L}_c$-structure such that
\begin{align*}
M_c \models \Sigma.
\end{align*}
Let $M$ denote the $\mathcal{L}_{\mathrm{or}}$-reduct of $M_c$, and let $a \in M$ denote the interpretation of the constant symbol $c$ in $M_c$:
\begin{align*}
a := c^{M_c}.
\end{align*}
Since $T \subset \Sigma$, we have
\begin{align*}
M \models T.
\end{align*}
By the defining property assumed for $T$, the structure $M$ is an Archimedean real closed field.
On the other hand, for every $n \in \mathbb{N}$, the sentence $\varphi_n$ belongs to $\Sigma$, so $M_c \models \varphi_n$. Therefore
\begin{align*}
0 < a
\end{align*}
and
\begin{align*}
n \cdot a < 1
\end{align*}
for every $n \in \mathbb{N}$.
[guided]
We now use compactness. The [First-Order Compactness Theorem](/theorems/???) says that a first-order theory has a model whenever every finite subset of it has a model. We have just verified this finite satisfiability for $\Sigma$, so compactness gives an $\mathcal{L}_c$-structure $M_c$ such that
\begin{align*}
M_c \models \Sigma.
\end{align*}
Let $M$ be the $\mathcal{L}_{\mathrm{or}}$-reduct of $M_c$, meaning that $M$ is obtained from $M_c$ by forgetting the interpretation of the extra constant symbol $c$. Let
\begin{align*}
a := c^{M_c}
\end{align*}
be the element of the universe of $M_c$ named by $c$.
Because $T \subset \Sigma$ and $M_c \models \Sigma$, every sentence of $T$ is true in $M_c$. Since the sentences of $T$ are in the smaller language $\mathcal{L}_{\mathrm{or}}$, this is exactly the assertion that the reduct $M$ satisfies $T$:
\begin{align*}
M \models T.
\end{align*}
By the assumed characterization of $T$, it follows that $M$ is an Archimedean real closed field.
At the same time, the sentences $\varphi_n$ are all in $\Sigma$. Therefore $M_c \models \varphi_n$ for every $n \in \mathbb{N}$. Unpacking the definition of $\varphi_n$, we get
\begin{align*}
0 < a
\end{align*}
and
\begin{align*}
n \cdot a < 1
\end{align*}
for every $n \in \mathbb{N}$. Thus the element $a$ is positive and smaller than every positive integer reciprocal in the ordered-field sense.
[/guided]
[/step]
[step:Derive the contradiction to Archimedeanness]
Since $M$ is an Archimedean ordered field and $a \in M$ satisfies $0<a$, the [Archimedean property](/page/Archimedean%20Property) applied to $a$ gives an integer $n \in \mathbb{N}$ such that
\begin{align*}
1 < n \cdot a.
\end{align*}
But the sentence $\varphi_n$ holds in $M_c$, so
\begin{align*}
n \cdot a < 1.
\end{align*}
This is impossible in an ordered field, because the strict order $<$ is asymmetric. The contradiction shows that no first-order $\mathcal{L}_{\mathrm{or}}$-theory $T$ can have exactly the Archimedean real closed fields as its models.
[guided]
We now use the [Archimedean property](/theorems/737) of the ordered field $M$. In an ordered field, Archimedeanness means that for every positive element $x$, there exists $n \in \mathbb{N}$ such that
\begin{align*}
1 < n \cdot x.
\end{align*}
Apply this definition to the positive element $a \in M$. Since $0<a$, there must exist $n \in \mathbb{N}$ such that
\begin{align*}
1 < n \cdot a.
\end{align*}
However, the same integer $n$ also indexes one of the sentences in $\Sigma$. Since $M_c \models \varphi_n$, the definition of $\varphi_n$ gives
\begin{align*}
n \cdot a < 1.
\end{align*}
Thus the ordered field $M$ would satisfy both $1 < n \cdot a$ and $n \cdot a < 1$. This contradicts asymmetry of the strict order in an ordered field.
The contradiction came only from the assumption that such a theory $T$ existed. Therefore there is no first-order theory in the language of ordered rings whose models are exactly the Archimedean real closed fields.
[/guided]
[/step]