A hand-held and hand-operated cutting tool particularly well suited for cleanly and quickly cutting plastic pipe or tubing, rubber hose, or the like is provided. The tool has a blade which is easily manually removed from and replaced into the cutting tool without the use of additional tools. The blade is slid into the tool and then rotated slightly into an initial operating or loaded position whereat a blade pivot pin may be inserted into the tool and through a hole provided in the blade. During use, the blade is rotatable in increments or steps from a retracted position in which it is substantially enclosed within the tool housing to a cut off position in which it cooperates with a stationary cradle anvil so as to sever the article to be cut. A ratchet drive interconnects a movable handle and the blade so as to incrementally drive the blade towards its cut off position upon manipulation of the handle. Upon severing of the article, the blade is readily returned to its retracted position by, for example, spreading apart the tool handles.