Unplug the router from its power source. Never work on a power tool while it is connected to an electrical supply.
Loosen the clamp screw on the router base that holds the motor unit in place. Hold the base with one hand. Use your other hand to turn the motor unit counterclockwise until the lower pin on the motor housing disengages from the locking groove in the base. Lift the motor unit away from the base.
Place one of the collet wrenches over the flats on the router's chuck. The chuck is located in the center of the motor unit's bottom. Place the other wrench on the collet. Hold the chuck stationary with one wrench and turn the collet clockwise to remove it from the chuck.
Insert a router bit into the new collet. Slide the collet into the chuck and turn it counterclockwise until tight.
Place the collet wrenches back onto the chuck and collet. Hold the chuck stationary and turn the collet counterclockwise until it is secured firmly into the chuck.
Insert the motor unit into the router base and turn it clockwise until the lower pin on the motor housing locks into the base. Tighten the clamp screw to secure the motor unit in place.