Anything that provides a "bonus" to AC (specifically stating the bonus as a "+X" to AC) will always stack with whatever method you use to calculate the armor class (unless it violates other conditions, such as the Bracers of Defense interaction with Armour). However, two of the same item will not stack; two Bracers of Defense will not provide a +4 to AC bonus.
Methods for calculating AC however are mutually exclusive; Mage Armour, Unarmoured Defense, wearing actual armour etc. You pick one and ONLY one for calculating your AC. Then, you add any bonusses to AC granted by stuff, such as a Shield, Bracers of Defense, Ring of Protection etc.
A Barbarian with 20 DEX, 20 CON, a Shield, a Bracers of Defense and a Ring of Protection would have a base AC of 10 + 5 (Dexterity Modifier) + 5 (Constitution Modifier) = 20.
You add + 2 (Shield) + 2 (Bracers of Defense) + 1 (Ring of Protection) for a total AC of 25.