We show that the metamagnetic transition in Sr$_4$Ru$_3$O$_{10}$ bifurcates into two transitions as the field is rotated away from the conducting planes. This two-step process comprises partial or total alignment of moments in ferromagnetic bands followed by an itinerant metamagnetic transition whose critical field increases with rotation. Evidence for itinerant metamagnetism is provided by the Shubnikov-de Hass effect which shows a non-trivial evolution of the geometry of the Fermi surface and an enhancement of the quasiparticles effective-mass across the transition. The metamagnetic response of Sr$_4$Ru$_3$O$_{10}$ is orbital-dependent and involves ferromagnetic and metamagnetic bands.
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