We report the polarization rotation of terahertz light resonant with the magnetoelectric (ME) spin excitation in the multiferroic (Fe,Zn)_{2}Mo_{3}O_{8}. This resonance reflects the frequency dispersion of the diagonal ME susceptibility (axion term), with which we quantitatively reproduce the thermal and magnetic-field evolution of the observed polarization rotation spectra. The application of the sum rule on the extrapolated dc value of the spectral weight of the ME oscillator provides insight into the dc linear ME effect. The present finding highlights a novel optical functionality of spin excitations in multiferroics that originates from diagonal ME coupling.