We investigated the interaction between an intense terahertz (THz) pulse and excitons in bulk GaAs by using THz pump near-infrared (NIR) optical probe spectroscopy. We observed a clear spectral oscillation in the NIR transient absorption spectra at low temperature, which is interpreted as the THz pump-induced perturbed free induction decay (PFID) of the excitonic interband polarization. We performed a numerical simulation based on a microscopic theory and identified that the observed PFID signal originates from the THz field-induced ionization of excitons. Using a real-space representation of the excitonic wave function, we visualized how the ionization of an exciton proceeds under the intense single-cycle THz electric field. We also calculated the nonlinear susceptibility with the lowest-order perturbation theory assuming a weak THz pump, which showed a similar spectral feature with that obtained by the full treatment to field-induced ionization process. This coincidence is attributed to the fact that 1s-excitonic interband polarization is modified predominantly through interactions with the p-wave component of the excitonic wave function. A simple phenomenological expression of the PFID signal is presented to discuss effects of the THz pump pulse duration on the spectral oscillation.