An orthopedic bone cutter for cutting bone and tissue is described. The orthopedic bone cutter comprises a cutting shell and a cutting insert that resides within an opening that extends through the apex region of the shell. A pin and slot mechanism positioned within the shell interior provides for independent axial and rotational movement of the insert within the shell. The shell comprises a partially hemispherical structure having a plurality outwardly extending and spaced apart shell cutting teeth. The insert comprises an annular sidewall that meets an end wall having a plurality of outwardly extending and spaced apart insert teeth. With the insert at a retracted position within the shell, the bone cutter is rotated in a first direction to cause the shell cutting teeth to cut, for example, an acetabular roof and labrum. Then, rotation of the shell in a second opposite direction causes the shell to stop cutting, but provides for the insert to extend outwardly to cut the acetabular floor and fossa.