Pb$_{1-x}$Sn$_x$Te has been shown to be an interesting tunable topological crystalline insulator system. We present a magneto-terahertz spectroscopic study of thin films of Pb$_{0.5}$Sn$_{0.5}$Te. The complex Faraday rotation angle and optical conductivity in the circular basis are extracted without any additional assumptions. Our quantitative measures of the THz response allow us to show that the sample studied contains two types of bulk carriers. One is $p$-type and originates in 3D Dirac bands. The other is $n$-type and appears to be from more conventional 3D bands. These two types of carriers display different cyclotron resonance dispersions. Through simulating the cyclotron resonance of hole carriers, we can determine the Fermi energy and Fermi velocity. Furthermore, the scattering rates of $p$-type and $n$-type carriers were found to show opposite field dependences, which can be attributed to their different Landau level broadening behaviors under magnetic field. Our work provides a new way to isolate real topological signatures of bulk states in Dirac and Weyl semimetals.
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