Can I lose fat & gain muscle at the same time?

Might be a dumb question but hey. So basically I would like to get rid of some body fat, but I also want to build muscle in spots like my arms & thighs as well as overall strength. Would I have to choose one to achieve first? For example, should I focus on cutting first and then focus on muscle gainz once I reach my weight goal? I would like to add I do lift weights now and have some definition starting in my arms and my thighs are pretty solid (with the exception of my dreaded inner thighs) so I assume I'm putting on some muscle, but any insight would be cool