A combination lighter having dual cutting assemblies for severing the end of a cigar and punching a hole therein is disclosed. The device includes a lighter body which supports a lighter mechanism, a first cutting assembly, and a second cutting assembly. The first cutting assembly may be a guillotine style cutter having a housing which supports a moveable blade. The first cutting assembly is moveable between a closed position adjacent the lighter body, and an open position where it extends from the lighter body. The second cutting assembly may be a punch style cutter having a tubular-shaped body and a cutting end for cutting an opening in the end of a cigar. The second cutting assembly may be moveable between a retracted position, where the cutting end is substantially flush with an end of the lighter body, and an operative position where the cutting end extends from the lighter body.