With the rise in social media usage and rapid communication, the proliferation of misinformation and fake news has become a pressing concern. The detection of multimodal fake news requires careful consideration of both image and textual semantics with proper alignment of the embedding space. Automated fake news detection has gained significant attention in recent years. Existing research has focused on either capturing cross-modal inconsistency information or leveraging the complementary information within image-text pairs. However, the potential of powerful cross-modal contrastive learning methods and effective modality mixing remains an open-ended question. The thesis proposes a novel two-leg single-tower architecture equipped with self-attention mechanisms and custom contrastive loss to efficiently aggregate multimodal features. Furthermore, pretraining and fine-tuning are employed on the custom transformer model to classify fake news across the popular Twitter multimodal fake news dataset. The experimental results demonstrate the efficacy and robustness of the proposed approach, offering promising advancements in multimodal fake news detection research.