Recent tunneling measurements on $\beta$-PdBi${}_2$ reported a magnetic field induced phase transition from a fully gapped to a nodal superconducting state. We develop a microscopic theory of superconductivity in this multi-band material, taking into account spin-orbit coupling and Zeeman splitting. We show that there are two attractive pairing channels in this system: an s-wave and a p-wave. At zero magnetic field, s-wave superconductivity wins. At a finite field, this channel becomes less favorable because Fermi surfaces split, and the gap symmetry changes to p-wave. We show that at a higher field, the excitation spectrum of a p-wave multi-band superconductor becomes gapless, with nodal points located in between the split Fermi surfaces. We argue that this behavior accounts for the experimentally observed field-induced nodal superconductivity in $\beta$-PdBi${}_2$.