An arrangement for cutting paper board sheets. The arrangement includes a first wheel and a second wheel. The first wheel is arranged to rotate around a first axis. The first wheel includes a knife and an element formed as a circular arc with substantially the same radius as the peripheral surface of the first wheel and a corresponding recess formed in the first wheel peripheral surface. The element is pivotally arranged around an axis substantially parallel to the first axis in the recess and the knife is extending from the element such that the position of the knife in relation to the first wheel is adjusted by pivoting the peripheral element by adjustment structure arranged to secure the peripheral element in the desired position. Also, a machine can include the arrangement.