The invention provides an apparatus having a tubular member for receiving an endocardial lead implanted within a patient's body. Disposed generally at a distal end of the tubular member is at least one blade or cutting surface. An adjustment mechanism moves the blade between retracted and extended positions to engage the cutting surface with the endocardial lead to cut the lead. Once severed, the cut portion of the lead remains within an inner channel of the tubular member and the apparatus and cut portion of the lead are removed from within the patient. Alternatively, in some embodiments, the cut portion of the lead is disposed externally to the tubular member, and the cut portion and the apparatus are removed from the patient, either separately or together. Various embodiments include the blade pivotally connected to the distal end of the tubular member and activated by a wire adjustment mechanism. Others include a metallic wire for slicing through the lead. Still others include a pneumatically actuated adjustment mechanism that inflates to move the blade and engage the cutting surface with the lead. Some others include a cutting edges disposed on an internal, movable cutting blade and on an opening in the side wall of the apparatus which cut the lead when the cutting blade is operated.