You could use the Any() extension method. The following seems to work for me.
XStreamingElement root = new XStreamingElement("Results",
from el in StreamProductItem(file)
where fieldsToSearch.Any(s => el.Element(s) != null && el.Element(s).Value.Contains(searchTerm))
select fieldsToReturn.Select(r => (r == "product") ? el : el.Element(r))
);
Console.WriteLine(root.ToString());
Where 'fieldsToSearch' and 'fieldsToReturn' are both List objects.