Hyperthermia was shown to be an important co-adjuvant therapy to conventional cancer treatments. Nanoparticles can be used in the hyperthermia therapy to improve the localized absorption of energy imposed by external sources, in order to kill tumor cells solely by the effect of heat and with minimum thermal damage to surrounding healthy cells. Nanoparticles can also serve as carriers of drugs that specifically act on the tumor when heated, including hydrogen that can be desorbed to locally promote an antioxidant effect and reduce the viability of cancer cells. In this context, palladium hydride nanoparticles emerge as promising materials for the hyperthermia therapy. In this study, palladium nanocubes (PdNC) and PdCeO2 nanoparticles were synthesized. Nanofluids produced with these nanomaterials were hydrogenated and then tested to examine their photothermal effects. Nanofluids made of PdHx nanoparticles presented significant temperature increases of more than 30 °C under 3 min of diode-laser irradiation. On the other hand, nanofluids with PdCeO2H nanoparticles presented temperature increases around 11 °C under the same experimental conditions. The behavior observed with the PdCeO2H nanofluids can be attributed to the effect of H+ in reducing Ce+4 to Ce+3.