Using ultrafast optical spectroscopy, we show that polaronic behavior associated with interfacial antiferromagnetic order is likely the origin of tunable magnetotransport upon switching the ferroelectric polarity in a La$_{0.7}$Ca$_{0.3}$MnO$_{3}$/BiFeO$_{3}$ (LCMO/BFO) heterostructure. This is revealed through the difference in dynamic spectral weight transfer between LCMO and LCMO/BFO at low temperatures, which indicates that transport in LCMO/BFO is polaronic in nature. This polaronic feature in LCMO/BFO decreases in relatively high magnetic fields due to the increased spin alignment, while no discernible change is found in the LCMO film at low temperatures. These results thus shed new light on the intrinsic mechanisms governing magnetoelectric coupling in this heterostructure, potentially offering a new route to enhancing multiferroic functionality.