The present invention provides a linear fastening system capable of rapid engagement and disengagement. More specifically, the system utilizes a cooperating collet member and a compression ring member which are constructed and arranged to slip easily over a shank member. The fastener system is secured by linearly traversing a compression member in an overlapping fashion over the collet member thereby utilizing ribbed surfaces to compress the collet member to grip the outer surface of the shank member. In this manner, the linear fastener system is capable of providing a precise, secure, and reproducible connection between multiple components without the need to apply rotational torque to the assembly.