Abstract: A retention and release mechanism utilizes a collet with deflectable fingers to allow assembly of the mechanism onto an object which is to be retained. Movement of the object toward the mechanism causes a force to be exerted on the bottom end of a plunger and movement of the plunger, which is coupled to a lockpin by a plurality of spherical balls and a split ring, from a released to a retained position. In the retained position, the balls secure the lockpin in a fixed position relative to the collet while mating tapered surfaces at the ends of the collet fingers and the lockpin cooperate to retain the object to which an expendable bushing has been attached, the bushing being part of the mechanism. To release the object, a force must be exerted on the top end of the plunger to move it to an axial position wherein the balls are released from their fixed position relative to the collet and the mating tapered surfaces move away from each other.