We find a combinatorial formula which computes the first cotangent cohomology module of Stanley-Reisner rings associated to matroids. For arbitrary simplicial complexes we provide upper bounds for the dimensions of the multigraded components of T^1. For specific degrees we prove that these bounds are reached if and only if the simplicial complex is a matroid, obtaining thus a new characterization for matroids. Furthermore, the graded first cotangent cohomology turns out to be a complete invariant for nondiscrete matroids.