A field theory formulation of two-time physics in d+2 dimensions is obtaine
d from the covariant quantization of the constraint system associated with
the OSp(n\2) worldline gauge symmetries of two-time physics. Interactions a
mong fields can then be included consistently with the underlying gauge sym
metries. Through this process a relation between Dirac's work in 1936 on co
nformal symmetry in field theory and the more recent worldline formulation
of two-time physics is established while providing a worldline gauge symmet
ry basis for the field equations in d+2 dimensions. It is shown that the fi
eld theory formalism goes well beyond Dirac's goal of linearizing conformal
symmetry. In accord with recent results in the worldline approach of two-t
ime physics, the d+2 field theory can be brought down to diverse d-dimensio
nal field theories by solving the subset of field equations that correspond
to the "kinematic" constraints. This process embeds the one "time" in d di
mensions in different ways inside the (d+2)-dimensional spacetime. Thus, th
e two-time d+2 field theory appears as a more fundamental theory from which
many one-time d-dimensional field theories are derived. It is suggested th
at the hidden symmetries and relations among computed quantities in certain
d-dimensional interacting field theories can be taken as evidence for the
presence of a higher unifying structure in a (d+2)-dimensional spacetime. T
hese phenomena have similarities with ideas such as dualities, AdS-CFT corr
espondence, and holography.