A two-part rotary knife blade (2300, 3300) for a power operated rotary knife. The knife blade (2300) includes a carrier portion (2302, 3302) and a blade portion (2350, 3350), the blade portion configured to be received in a nested relationship by the carrier portion and being releasably secured to the carrier portion by an attachment structure (2370, 3370). The attachment structure (2370, 3370) including a plurality of projections (2372, 3372) extending from one of an outer wall (2354, 3354) of the blade portion (2350, 3350) and the inner wall (2304, 3304) of the carrier portion and a plurality of sockets (2374, 3374) disposed in the other of the outer wall of the blade portion and the inner wall of the carrier portion, each of the plurality of projections being received in a respective different one of the plurality of sockets to releasably secure the blade portion to the carrier portion.