A fastener driving tool that includes a lift mechanism for moving the driver from a driven position to a ready position. In one embodiment, the lift mechanism is mounted to a movable pivot arm, and the pivot arm is slightly rotated to allow the driver to drive a fastener; when the driver is to be lifted in a return stroke, the lifter subassembly is moved back into engagement with the driver, and multiple lifter pins contact protrusions in the driver to lift the driver from the driven position to the ready position. In another embodiment, the pivotable lifter floats along the driver, and “releases” from contact only to prevent a jam or otherwise undesirable operating condition involving the driver; otherwise, the lifter remains nested in the tool's guide body during all operating states. A solenoid-operated latch also is provided to prevent the driver from moving downward (for driving a fastener).