A compression latch is provided having a lock bolt operated via a codable cylinder lock. The lock bolt includes a guide having first and second inner surfaces. The lock includes a rotatable portion having a cam with a projection that is movable between the first and second inner surfaces. When the rotatable portion of the cylinder lock rotates via the key to cause the projection to move from a first position to a second position, the projection contacts the second inner surface and urges the lock bolt to engage a control member which prevents a handle of the compression latch from rotating. When the rotatable portion rotates via the key to cause the projection to move from the second position to the first position, the projection contacts the first inner surface and urges the lock bolt to disengage from the control member, which enables the handle to rotate.