We propose a fixed-lag smoother-based sensor fusion architecture to leverage the complementary benefits of range-based sensors and visual-inertial odometry (VIO) for localization. We use two fixed-lag smoothers (FLS) to decouple accurate state estimation and high-rate pose generation for closed-loop control. The first FLS combines ultrawideband (UWB)-based range measurements and VIO to estimate the robot trajectory and any systematic biases that affect the range measurements in cluttered environments. The second FLS estimates smooth corrections to VIO to generate pose estimates at a high rate for online control. The proposed method is lightweight and can run on a computationally constrained micro-aerial vehicle (MAV). We validate our approach through closed-loop flight tests involving dynamic trajectories in multiple real-world cluttered indoor environments. Our method achieves decimeter-to-sub-decimeter-level positioning accuracy using off-the-shelf sensors and decimeter-level tracking accuracy with minimally-tuned open-source controllers.