An MRI system and method for acquiring motion-compensated MR image data of an object. The MRI system includes an MRI device for generating a uniform magnetic field through the object, magnetic field gradients for imaging a portion of the object and an RF excitation field for evoking NMR response signals from the object; a computer for controlling the operation of the MRI system; a motion compensation module for generating a plurality of navigator waveforms for evoking a corresponding plurality of navigator echoes from the portion of the object while the object is being imaged, and processing the plurality of navigator echoes by determining a subset of similar navigator echoes and removing rigid-body translation from the NMR response signals associated with the subset of similar navigator echoes; and, interface circuitry for generating the magnetic gradient, RF and navigator waveforms and sampling the NMR response signals and the plurality of navigator echoes.