We report on a novel spin-charge fluctuation in the all-in-all-out pyrochlore magnet Cd$_2$Os$_2$O$_7$, where the spin fluctuation is driven by the conduction of thermally excited electrons/holes and associated fluctuation of Os valence. The fluctuation exhibits an activation energy significantly greater than the spin-charge excitation gap and a peculiar frequency range of $10^{6}$--$10^{10}$ s$^{-1}$. These features are attributed to the hopping motion of carriers as small polarons in the insulating phase, where the polaron state is presumably induced by the magnetoelastic coupling via the strong spin-orbit interaction. Such a coupled spin-charge-phonon fluctuation manifests as a part of the metal-insulator transition that is extended over a wide temperature range due to the modest electron correlation comparable with other interactions characteristic for 5$d$-subshell systems.
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