A modular electronic system including a mechanism for releasably securing a modular device within a chassis, and for facilitating insertion and removal of the modular device. One embodiment provides a modular device that includes a handle secured to opposing pivotable lever arms. A follower pin secured to one end of the lever arms rides in a slot defined by the chassis. The slot is arranged so that pulling upward on the handle moves the follower pin in one direction along the slot to urge the modular device in a direction further into the device bay, and pushing downward on the handle urges the modular device in a direction out of the device bay, thereby providing a mechanical advantage to the user. When the modular device is fully inserted, retractable locking members provided on the modular device move into windows provided on the chassis, to releasably lock the modular device in the device bay. A module release mechanism includes a release plate that moves into engagement with a sloped or ramped surface of the locking members in response to squeezing the handle. Engagement of the release plate with the ramped surface moves the locking members inward and out of the windows on the chassis, to unlock the modular device from the device bay.