The invention provides a guard arrangement including a guard member having an annular base provided with axially spaced apart first and second sets of radially inwardly extending and circumferentially spaced apart projections. The first and second sets of projections are circumferentially aligned and are alignable with axially extending grooves on a tool housing so that the guard member can be slid or snapped on and off the tool housing. To lock the guard member against removal from the tool housing, the tool housing is provided with a pair of annular grooves for receiving the projections on the guard member when the guard member is angularly shifted from a mounting position. To lock the guard member in a desired angular position, the guard member is provided with a finger-operated locking member that is engageable with detents located on the tool housing.