We develop a scattering theory of current-induced forces exerted by the conduction electrons of a general mesoscopic conductor on slow "mechanical" degrees of freedom. Our theory describes the current-induced forces both in and out of equilibrium in terms of the scattering matrix of the phase-coherent conductor. Under general nonequilibrium conditions, the resulting mechanical Langevin dynamics is subject to both nonconservative and velocity-dependent Lorentz-like forces, in addition to (possibly negative) friction. We illustrate our results with a two-mode model inspired by hydrogen molecules in a break junction which exhibits limit-cycle dynamics of the mechanical modes.