In an arrangement of an insert holder and a cutting insert, the insert (3) is received in a recess (2) in the insert holder and secured therein by clamping action between portions of the insert holder which define the recess. The recess for the insert (3) is defined in one direction by a substantially unyieldable portion formed with a straight guiding portion (4,5) coacting with a straight edge of the insert, and in the other direction by a nose-shaped resilient portion (8) formed with a shallow projection extending towards the straight guiding portion and having a defined top (12) of small extent in the direction of the recess. The cutting insert (3) comprises a shank (14) whose one side is formed with a guide ridge (15) adapted to seat on the guiding portion (4,5) of the recess (2) and whose opposite side comprises an inclined or bevelled portion (16) adjacent the free end of the shank (14). The bevelled portion (16) passing into a substantially straight surface portion (17) which serves as a sliding and abutment surface for the top (12) of the projection and which, in the direction away from the inclined or bevelled portion (16), converges slightly towards the insert side having the guide ridge (15). The free end (10) of the nose-shaped portion (8) is adapted to serve as an end stop for the cutting insert and to engage with a substantially transverse surface (19) on the head of the cutting insert.