A hole cutter assembly is operable to cut a plurality of different sized diameter holes in a work piece. The hole cutter assembly includes an arbor configured to connect to a power tool for rotation about an axis, and a body coupled to the arbor for rotation with the arbor. The body defines an aperture. The hole cutter assembly includes a drill bit removably received in the aperture of the body for rotation with the arbor, an arm moveably coupled to the body, and a cutting blade coupled to the arm and moveable with the arm relative to the body. The arm is moveable relative to the body to adjust a cutting diameter of the hole cutter assembly when the drill bit is not received within the aperture. The arm is fixed relative to the body when the drill bit is received within the aperture.