A hole cutter assembly is operable to cut a plurality of different sized diameter holes in a work piece. The hole cutter assembly includes an arbor configured to connect to a power tool for rotation about an axis, a drill bit coupled to the arbor for rotation with the arbor, a first arm moveable relative to the axis, a first cutting blade coupled to the first arm and moveable with the first arm, a second arm moveable relative to the axis, and a second cutting blade coupled to the second arm and moveable with the second arm. The first and second cutting blades are selectively moveable relative to the axis to adjust a cutting diameter of the hole cutter assembly. The drill bit engages the first and second arms to inhibit movement of the first and second cutting blades relative to the drill bit.