The present invention is a pump used for applications where a solid is present in wastewater and other liquids that requires cutting and reduction in size so as to pass the solid through the inlet to the outlet of the pump. The pump has a pump casing with an inlet and an outlet formed therein. A drive unit rotates a drive shaft extending axially through the pump casing to an impeller and a cutter bar. The pump is further configured with a radial cutter ring assembly positioned adjacent the cutter bar and the inlet providing a shredding cutting action of solids between the rotating cutter bar sliding past a radial cutter ring assembly held stationary, e.g. cutting blades formed in an edge of the cutter bar rotate across an internal surface of the radial cutter ring assembly. The pump also has an axial cutter ring assembly with one or more blades forming openings adapted for the passage of solids from the inlet to the outlet to provide a shearing cutting action of solids by a rotation of an upper surface of the cutter bar sliding past an axial cutting surface of the blades of the axial cutter ring assembly. The shred and shear pump may be configured with a plurality of slots on the internal surface of the radial cutter ring assembly to hold woven fibrous material for the shredding cutting action. The pump also features improved optimized flow, cutting and reducing solids in the form of woven fibrous materials, and adjustability of the cutter housing for precision and wear adjustment.