Suppose x is any exactly k-sparse vector in R^n. We present a class of sparse matrices A, and a corresponding algorithm that we call SHO-FA (for Short and Fast) that, with high probability over A, can reconstruct x from Ax. The SHO-FA algorithm is related to the Invertible Bloom Lookup Tables recently introduced by Goodrich et al., with two important distinctions - SHO-FA relies on linear measurements, and is robust to noise. The SHO-FA algorithm is the first to simultaneously have the following properties: (a) it requires only O(k) measurements, (b) the bit-precision of each measurement and each arithmetic operation is O (log(n) + P) (here 2^{-P} is the desired relative error in the reconstruction of x), (c) the decoding complexity is O(k) arithmetic operations and encoding complexity is O(n) arithmetic operations, and (d) if the reconstruction goal is simply to recover a single component of x instead of all of x, with significant probability over A this can be done in constant time. All constants above are independent of all problem parameters other than the desired success probability. For a wide range of parameters these properties are information-theoretically order-optimal. In addition, our SHO-FA algorithm works over fairly general ensembles of "sparse random matrices", is robust to random noise, and (random) approximate sparsity for a large range of k. In particular, suppose the measured vector equals A(x+z)+e, where z and e correspond respectively to the source tail and measurement noise. Under reasonable statistical assumptions on z and e our decoding algorithm reconstructs x with an estimation error of O(||z||_2 +||e||_2). The SHO-FA algorithm works with high probability over A, z, and e, and still requires only O(k) steps and O(k) measurements over O(log n)-bit numbers. This is in contrast to the worst-case z model, where it is known O(k log n/k) measurements are necessary.