A panel fastener tool is disclosed that includes a first arm pivotally connected to a second arm. Each of the first arm and second arm include a camming portion, a camming surface, a terminal projection projecting substantially inwardly, and an indent between the camming portion and the terminal projection. Upon pivoting the first arm and the second arm towards each other, the camming surfaces each engage a top portion of an inner member of a fastener inserted into a hole in a workpiece. The camming surfaces lift the inner member out of an insertable member of the fastener, and the terminal projections capture a head portion of the insertable member within the indents. When an upward force is applied, the terminal projections lift the insertable member from the hole.