Programming with Dynamic

Even though Dynamic[ls] is presented as ls, its head is Dynamic:

x = Dynamic[ls]
Head[x]
(*
{1, 2, 3}
Dynamic
*)

or

Basically, Dynamic is a wrapper, and is there even if you cannot see it. Its like you were writing

MapThread[f, {symb, {10, 20, 30}}]

with symb undefined, or

MapThread[f, {Integrate[symb[var], var], {10, 20, 30}}] 

You can fix it by doing

Dynamic[MapThread[f, {ls, {10, 20, 30}}]]

instead.

So:

Wherever you had written Dynamic[ls], you still have Dynamic[ls]. It may be displayed by the frontend as {1,2,3}, but it is not; it's Dynamic[ls]. So, MapThread goes to look at the first part of its second argument and sees Dynamic instead of a List, so it stops and emits a message; this message includes Dynamic[ls] in it. When the message reaches the "surface" to be displayed, Dynamic[ls] gets automatically interpreted by the frontend as usual: it's displayed as {1,2,3}, because that's what ls evaluates to. But it is still Dynamic[ls], not {1,2,3}, which is simply how it is displayed.

Try this: Do[Sin[i], Dynamic@{i, 1, 2}] and think about what happens...

Dynamic doesn't work the way you think it does. See this answer for a full explanation.

In short, Dynamic doesn't do anything until it is actually displayed on screen.
Therefore, you are essentially doing this (note the String):

MapThread[f, {"Dynamic[ls]", {10, 20, 30}}]

As acl already showed, you can wrap the entire expression in Dynamic so that it does not attempt to evaluate the failing condition shown above.