Abstract: A quick change die cutter is provided for permitting interchangeable die elements to be readily inserted and removed without the need for tools. A receiver is provided for carrying the die element which presents a cutting edge thereon, and a lever serves to shift the die element into engagement with the web of sheet material to be cut thereby. A pad of relatively soft material such as synthetic resin is positioned to engage the cutting edge as it passes through and cuts the web, thereby eliminating set-up time necessary to prevent the cutting edge of the die from damage due to excessive vertical travel. The receiver preferably includes a pair of opposed side walls for receiving the die element in the space therebetween, at least one of the side walls including a locking member for inhibiting shifting of the die along the respective side walls and out of alignment with the web to be cut.