Lose Fat and Build muscle???

The only way you might be able to do that is use a lot of illegal steroids, which I wouldn't recommend.

There are limits to how much muscle you can build in a deficit. So evaluate what your current stats are, and if you are not lean enough, then cut first and go back and try to add muscle.

ETA: At the very least, you should consider following a solid progressive overload lifting program: http://community.myfitnesspal.com/en/discussion/10332083/which-lifting-program-is-the-best-for-you/p1