To every matroid, we associate a class in the K-theory of the Grassmannian. We study this class using the method of equivariant localization. In particular, we provide a geometric interpretation of the Tutte polynomial. We also extend results of the second author concerning the behavior of such classes under direct sum, series and parallel connection and two-sum; these results were previously only established for realizable matroids, and their earlier proofs were more difficult.