Quick change holder for cutting tool

A self contained, toolless quick change tool holder for cutter inserts on machine tools comprises a housing having at least one seat portion which is adapted to receive and conform to the shape of a cutter insert. A clamping arm is mounted in the insert housing. The clamping arm is movable within the insert housing and includes a a clamp portion extending over the seat portion. The clamp portion engages a cutter insert. A locking mechanism is contained within the housing and has a clamp position which forces the clamp portion to engage a cutter insert and a release position which forces the clamp portion to disengage from a cutter insert to allow removal and replacement of said cutter insert. The locking mechanism moves between the release position and the clamp position.