A cutting tool comprising a holder (12) having a slot-shaped, arcuate receptacle (16), with respectively a lower and an upper bearing surface (36, 38) attached to rigid clamping jaws (18, 20) of the holder (12), for the reception (16) of a cutting insert, (14) and a cutting insert (14) having an arcuate shank (22) with lower and upper locating face (32, 34), which cutting insert is arranged exchangeably in the receptacle (16), and having a cutting head (24) with cutting edge (26), which cutting head is disposed on a workpiece-side end (44) of the shank (22), wherein the arcuate receptacle (16) and the arcuate shank (22), measured respectively on the lower bearing surface (36) of the receptacle (16) and the lower locating face (32) of the cutting insert (14), extend respectively over at least 90°, wherein the receptacle (16) extends over a larger angular range than the shank (22) of the cutting insert (14), and wherein the shank (22) is held in the receptacle (16) such that the holder-side end (28) of the shank (22) is distanced from the holder-side end (30) of the receptacle (16).