Each function and predicate symbol has an arity, which is the number of arguments to the function or predicate. We can pack all the arities in a function $\pi$. If we have infinitely many function and predicate symbols of arbitrary positive arity, then we are in the situation which you describe. (We could also have infinitely many function symbols of zero arity, i.e. constants, and infinitely many predicate symbols of zero arity, i.e. constant logical values.)
Here is one way to arrange this situation: for each $i,j\geq 1$, define $F_{ij}$ to be a function symbol of arity $i$ and $P_{ij}$ to be a predicate symbol of arity $i$.