Betis regained the lead right on the stroke of half-time when Juanfran diverted the ball into his own net, but it was all downhill for the home side in the second period.
Just two minutes into the second half they were reduced to 10 men when Damien Perquis was sent off. Just a minute later the visitors were awarded a penalty, which was duly dispatched by Falcao.
Madrid completed the comeback 10 minutes after the restart when Diego Costa gave them a 3-2 lead.
Betis's hopes of drawing level again took a hit with a little over 10 minutes left when Joel Campbell was given his marching orders for a second yellow.
The match was put beyond any doubt in stoppage time of the second half when Arda Turan found Raul Garcia, who converted to ensure that Madrid would record their sixth win in a row in all competitions.