Abstract: A two-piece punch for use in a punch press to form holes in a workpiece. The punch includes a shank portion to be retained in a punch press, a two-piece cutter element consisting of a socket member attached to the shank portion, the socket member having a socket bore with an open end, and a cutter insert for insertion in the open end of the socket bore to be seated therein, the cutter insert having a cutting end projecting outwardly from the socket member when the cutter is seated in the socket bore, and a cutting edge on the cutting end. The punch also has a retainer for retaining the cutter insert in the socket bore. The cutter insert is preferably formed of a substantially cylindrical annular member, and the cutting edge is an outer bevel formed on the outer circumference of the cutter insert at its cutting end. An inwardly extending annular shoulder at the cutting end forms a reinforced throat for the cutting edge.