We report on X-ray and TeV γ -ray observations of the pulsar/Be star binary PSR J2032+4127/MT91 213. PSR J2032+4127 is a 143-ms γ-ray pulsar which shares a long pe- riod (45-50 year) and highly eccentric orbit with the massive Be star MT91 213. TeV γ-ray emission was detected from the binary following a coordinated observing campaign over the fall 2017 periastron with VERITAS, MAGIC, and X-ray monitoring with Swift-XRT. The discovery of this γ-ray binary makes it just the second such source known to contain a pulsar as the compact object. We report on over 100 hours of extensive TeV observations across the periastron pas- sage, which reveal variations in the TeV flux by an order of magnitude over time scales of days. The X-ray flux was also found to be highly variable, although it was not directly correlated with the TeV flux. These observations present serious challenges to existing models of the system, which will require significant revisions. We also discuss the steady and extended TeV source TeV J2032+4130, which lies in the same direction as the binary system, and its potential association with the pulsar.