An instrument for retrograde cutting of sockets or tunnels in bone for arthroscopic tenodesis. A retrograde cutter is used to form a recipient site socket from the inside out, i.e., using a retrograde technique, with minimal incisions of distal cortices and reduced intraarticular bone fragmentation of tunnel rims. The retrograde cutter is provided with a cutting blade that is configured to engage the shaft of the instrument and to lock onto the shaft.