We present a theory of the magnetic field enhancement of terahertz (THz) emission from photogenerated carriers in the surface depletion region of a semiconductor. A combination of the Drude–Lorentz model for the carrier dynamics with an appropriate solution of the radiation problem is sufficient to explain the strong B-field enhancement in THz radiation that has been observed experimentally. The effect arises primarily from the increased radiation efficiency of transient currents flowing in the plane of the surface. The model provides quantitative agreement with experiment for the pronounced angular dependence of the enhancement and predicts the correct trend for the enhancement in a variety of materials.