A cadmium zinc telluride (CZT) based detector system has been developed with the goal of combining molecular breast imaging (MBI) and magnetic resonance imaging (MRI) to address shortcomings of each modality. The CZT detector system is comprised of four CZT modules tiled in a 2x2 array. Each module consists of 256 pixels (16 x 16, 2.4 mm pixels) and features a built-in ASIC and FPGA. A custom digital readout circuit board was designed to interface the four modules with a microcontroller to a data acquisition PC. The system was placed within the bore of a 3 T GE Discovery MR750 and imaging performance of each modality evaluated using both sequential and simultaneous imaging protocols. The mean energy resolution of the gamma camera both inside and outside the MRI is 7.3% at 140 keV. The maximum increase in the integral uniformity was 3% when using a gradient echo MRI sequence while the mean differential uniformity when inside the MRI increased by 1%. Spatial resolution varied in a predictable manner from 2.4 mm FWHM at the collimator face to 6.9 mm at 10 cm from the collimator. Performance of the 3 T GE Discovery MR750 using a 16-channel breast RF coil array was measured with and without the gamma camera present using a gradient echo and spoiled gradient echo imaging sequence. A realistic 99mTc-filled breast-like phantom containing two lesions (30: 1 lesion to background ratio) was used to assess the feasibility of both serial and simultaneous hybrid imaging. Sequential imaging resulted in a reduction in MRI SNR of 70-80% and a further decrease of 93-98% was observed when performing simultaneous MR/scintigraphy imaging, likely a result of RF interference originating from the CZT detector modules and associated analog electronics. Co-registered scintigraphic and MRI images display negligible geometric distortion when imaged with both simultaneous and serial imaging modes, thus indicating the feasibility of combining MBI with breast MRI.