A hand held rotary cutter comprising a first handle including a head at one end thereof for receiving a blade and a second handle pivotally connected to the first handle. The second handle includes a rotating member at one end thereof. The rotating member rotates into and out of alignment with the head of the first handle to guard the blade. A spring biases the first and second handles to an open position, and a latch is mounted on one of the first and second handles and movable between an unlocked position and a locked position. The latch is engageable with a member on the other of the first and second handles. When the latch is in the unlocked position, the first handle and the second handle are fixed in position relative to each other.