An alternative to a cable connection to the Android device (using the "USB Serial for Android" library, see the other answer) is a converter from RS232 to Bluetooth.
Such a converter will use the serial connection profile of Bluetooth, and ways access such a connection in Android are discussed in this question.
You can build such a converter based on an Arduino by adding a Bluetooth shield and simple code that converts incoming data from the serial port to outgoing data on the Bluetooth connection. (I could not find detailed instructions for this right now.) When you want to connect the Arduino's serial port to a RS232 device you would need another shield for logic level conversion (RS232 is ±12 V, Arduino is 5 V or 3.3 V).
There is also a commercial product implementing this Photologic Text Streamer (ca. 265 USD !!!). It seems that this provides a read-only connection for Android (not totally sure about that, though). A read-only connection is still ok for cases where you only want to read sensor values.
Finally, you could do a similar thing using an Arduino and a wifi shield.