Strictly speaking, bolt cutters do not cut through materials (in the same way that scissors might slice fabric between two sharp blades) but rather crush them via the concentration of huge forces on the small area where the blades make contact with the item being cut.
Their cutting power is achieved through the principle of “leverage”, by which a modest amount of force applied over a long distance (in this case, the length of the handles) is converted into a massive force over a short distance (the jaws).
The force you apply over the relatively long distance of the handles to the central hinge (which acts as a fulcrum), is magnified by a second pair of hinges, resulting in an impressive crushing power at the tool head.