Disclosed herein is a powder actuated setting tool piston retainer arrangement which includes a housing and firing mechanism and a piston having a piston retaining ring in operable communication with the housing and firing mechanism. Further the arrangement includes a barrel within which the piston is slidably disposable. A cantilevered retainer is disposed at the barrel, the retainer being pivotally articulated with the barrel such that the retaining ring is contactable thereby to retain the piston in a selected position.Further disclosed herein is a method for retaining a piston of a powder actuated setting tool in position. The method includes urging a cantilevered retainer radially inwardly of a barrel of the setting tool for the purpose of contacting a retaining ring of the piston of the setting tool. Such contact frictionally retains the piston in a selected position.