Limited Z-axis bandwidth of piezotube scanners employed in conventional Scanning Tunneling Microscopes (STMs) has been a major limiting factor in achieving high scan speeds in STM applications. Slow Z-axis dynamics of typical piezotube scanners combined with the weight of the STM tip/tip holder assembly, that the scanner has to carry, substantially limit the achievable Z-axis bandwidth in both imaging and lithography modes. To tackle this issue, we propose a high bandwidth microelectromechanical-system-based nanopositioner to be integrated into an existing STM scanner. The device is designed to replace the STM tip and fine Z-positioning mechanisms in the conventional STM setup, while providing an order of magnitude higher bandwidth in Z axis. The device is microfabricated using double silicon-on-isolator technology, and standard cleanroom processes. Experiments show that tunneling current between the device tip and a highly ordered pyrolytic graphite sample can be successfully established and maintained in air using the proposed device in a feedback loop. Results indicate that the proposed device uniquely combines a very high resolution and a large stroke with a substantially larger Z-axis bandwidth compared to that of conventional STM piezotube scanners, enabling higher scanning speeds in STM operations.