The bolt sticking out in free space in the picture is where I would start. The jaws when open
should be parallel do it should like screw out. And in the closed position they should be tight together. The other adjustment I think is an eccentric that moves the position in and out to adjust that. There should be jam nuts to lock those I think.
That said I have never seen a bolt cutter that opened to that position so I would be looking for something broken first. But I don't see it from this picture.
You might try showing a picture of it in the closed position in case something shows that way and a picture looking at the adjusting screws at an angle.
Country oriented nerd with primary interests in alternate energy in particular solar. Dabble in gardening, trees, cob, soil building and a host of others.