The first nonperturbative version of the multireference driven similarity renormalization group (MR-DSRG) theory [C. Li and F. A. Evangelista, J. Chem. Theory Comput. 11, 2097 (2015)] is introduced. The renormalization group structure of the MR-DSRG equations ensures numerical robustness and avoidance of the intruder-state problem, while the connected nature of the amplitude and energy equations guarantees size consistency and extensivity. We approximate the MR-DSRG equations by keeping only one- and two-body operators and using a linearized recursive commutator approximation of the Baker-Campbell-Hausdorff expansion [T. Yanai and G. K.-L. Chan, J. Chem. Phys. 124, 194106 (2006)]. The resulting linearized MR-DSRG scheme with one- and two-body operators [MR-LDSRG(2)] contains only 39 terms and scales as O(N(2)NP (2)NH (2)) where NH, NP, and N correspond to the number of hole, particle, and total orbitals, respectively. Benchmark MR-LDSRG(2) computations on the hydrogen fluoride and molecular nitrogen binding curves and the singlet-triplet splitting of p-benzyne yield results comparable in accuracy to those from multireference configuration interaction, Mukherjee multireference coupled cluster theory, and internally contracted multireference coupled cluster theory.