The invention provides an apparatus for cutting an endocardial lead within a patient. The apparatus includes a tubular member and a tension member disposed therein. The tension member includes a distal end and a proximal end. A blade is affixed to the distal end of the tension member and an adjustment mechanism is adapted to adjust the tension member and blade between an extended position and a retracted position. The adjustment mechanism includes a female member, a male member and an anchor. The anchor is affixed to the proximal end of the tension member and the male member. Insertion and withdrawal of the male member within the female member moves the tension member and the blade between the extended position and the retracted position. An alternate embodiment includes a capture mechanism or guide wire for drawing the apparatus and lead closer together before extending the blade and cutting the lead.