Abstract: A horseshoe clip ring extractor and crimper apparatus and also a method for extracting and replacing a horseshoe clip on a lug using same are provided. The horseshoe clip extractor has a first handle and a second handle pivotally connected such that a plunger is forced against spreader fingers in the head of the tool and forces them apart while applying force to the lug so that the open end of the clip ring is forcibly separated and opened by clip prongs on the ends of the spreader fingers, thereby pushing and forcing the lug out the open end of the horseshoe clip. The horseshoe clip ring crimper for replacing a horseshoe clip has a first handle. The crimper also has a curved jaw with a flat surface at one end of the first handle and a second handle pivotally connected to the first handle. The crimper further has a corresponding curved jaw at one end of the second handle. In addition, the curved jaws form an opening receiving the horseshoe clip.