The present invention is directed to a knife with a handle, a blade pivotally coupled to the handle, and a lanyard releasably coupled to the handle. The handle includes two panels that define a blade cavity for receiving a portion of the blade in an initial closed position. The knife further includes a pivotal blade locking arm and a pivotal lanyard locking arm. The blade is locked by selectively moving a portion of the blade locking arm into and out of a locking recess on the blade. The blade locking arm is an open frame. Preferably, the lanyard locking arm is disposed within the open frame of the blade locking arm. The lanyard locking arm can be moved to release the lanyard from the handle by squeezing the blade inward into the handle. The blade locking feature and the lanyard locking feature can be used alone or in combination.