Two in one action!
Look at picture number three, the vertical features grip the zap strap and pull it tight. See the horizontal jaws? Once the pull tight has been accomplished, the full squeeze of the handles pinches these jaws to cut off what is not required.
You can 'half-pump' the handles to tighten a too loose strap, but when you want to cut it off, you do the full squeeze.
I can't see the part I can't see, so I just don't see it. Looks to me like only two stampings and the little grabby pawl, so I can't visualize any cutting mechanism.