A dowel hole and slot cutter comprise a motor having a base slidably mounted on a track and a cylindrical cutting bit mounted at one end of the motor and extending outwardly therefrom. A support includes a pair of arms with one arm extending upwardly from each side of the track and a cross-portion joining the arms and having an aperture extending therethrough for movement of the cylindrical cutting bit. A flat member having an aperture therethrough includes a track at its upper and lower end which engages the cross portion of the bracket for movement transverse to the cross portion. In operation, the cutter may be used to drill holes, dowel holes, or slots in a fast efficient manner. A polycarbonate member having a elongated slot for the cylindrical cutting bit is mounted between the flat member and a adjustable support member, which includes a perpendicular portion extending outwardly therefrom and two portions extending downwardly from the perpendicular portion therefrom.